Three strata commercial units in GB Building at Cecil Street for sale

By Valerie Kor / EdgeProp Singapore | March 25, 2021 5:08 PM SGT
GB building - EDGEPROP SINGAPORE
GB building is at the junction of Cecil Street and McCallum Street (Photo: Knight Frank)
SINGAPORE (EDGEPROP) - Three commercial units in GB building at 143 Cecil Street have been put up for sale. Ranging from 5,425 sq ft to 13,067 sq ft, they are exclusively marketed by Knight Frank. Their combined strata area is 31,086 sq ft.
The units include the retail podium on the first and second storeys, which will be sold with vacant possession, and full-floor office units on levels three and eight, which will be sold with existing tenancies.
GB Building is a 99-year leasehold, 26-storey office development with a three-level basement car park that can fit 105 vehicles. It is a two-minute walk to Tanjong Pagar MRT Station via a fully sheltered walkway, or an eight-minute walk to Raffles Place MRT Station.
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The building is also within the CBD Incentive Scheme. URA will allow increases in development intensity for older buildings that will be redeveloped into mixed-use developments.
Ian Loh, head of capital markets (land & building, collective & strata sales) at Knight Frank, says, “The three units in GB Building represent approximately 22% of the total strata area and 21% of the total shares of the development. Such capacity will come into play during a collective sale exercise.”
He expects strong interest from investors who are looking to have a stake in the CBD commercial market, where most buildings are “usually wholly-held by conglomerates”.
The price of the commercial units will be available upon request.
Previously, in June last year, level 16 of GB Building was put up for sale at $11.9 million ($2,200 psf) and level 23 was put on the market at $12.7 million ($2,350 psf). In October last year, the entire level seven of the building was put on the market for $9.765 million ($1,800 psf).
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The Expression of Interest exercise for the strata commercial portfolio will close on April 28, 3pm.